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Several banking associations, including the American Bankers Association and the Mortgage Bankers Association, as well as a number of schools, offer courses, training programs, or certifications for loan officers. Although not required, certification shows dedication and expertise and thus may enhance a candidate's employment opportunities. [3]
The Mortgage Bankers Association has a political action committee called Mortgage Bankers Association Political Action Committee (MORPAC). [5] MORPAC raises money to help elect and re-elect candidates to Congress who have an understanding of the real estate finance and housing industries, and who are supportive of the mortgage profession.
The nature and scope of a mortgage broker's activities vary with jurisdiction. For example, anyone offering mortgage brokerage in the United Kingdom is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers' circumstances and is held financially liable if the advice is later shown to be defective.
Mortgage bankers may be able to get multiple offers from institutions they work with, and they can also originate all types of loans, giving you flexibility in the type of loan you can apply for.
The New Jersey Department of Corrections operates 13 major correctional or penal institutions, including seven adult male correctional facilities, three youth facilities, one facility for sex offenders, one women's correctional institution and a central reception and intake unit; and stabilization and reintegration programs for released inmates.
In addition to the down payment, the final deal of the mortgage includes closing costs which include fees for "points" to lower the interest rate, application fees, credit report fees, attorney fees, title insurance, appraisal fees, inspection fees, underwriting fee and other possible miscellaneous fees. [5]
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